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After buying out global private equity major DE Shaw's stake, the Maheshwari family has further consolidated its holding in Amar Ujala Publications by acquiring 14% stake from Ashok Agarwal and family.
Rajul Maheshwari, Managing Director of the company that publishes Hindi daily Amar Ujala, along with his family and friends, has acquired this 14% stake for an estimated value of Rs 150 crore.
The transaction, which values the firm at about Rs 1,000 crore, will give full control to the Maheshwari group, which had also also acquired US-based DE Shaw's 18% stake in Amar Ujala for about Rs 140 crore.
An agreement has been signed for the latest deal and is part of a settlement with Agarwal family, which had filed a complaint against its partner at the Company Law Board (CLB).
"We intend to further consolidate Amar Ujala's share in Hindi language newspaper industry as there is an ample space and opportunity for growth that exists," Maheshwari said.
"Now with all litigation over, the management henceforth will focus all its energy towards attaining its objective to become leader in the areas it operates in," he added.
He also vehemently denied rumours pertaining to any dilution in promoter's equity in favour of any corporate house either presently or in future.
Amar Ujala is one of India's leading Hindi dailies and is present across Himachal Pradesh, Uttar Pradesh, Uttarakhand and Jammu regions, among others.
